Please use this identifier to cite or link to this item:
http://hdl.handle.net/10419/60810

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DC Field

Value

Language

dc.contributor.author

Adrian, Tobias

en_US

dc.contributor.author

Shin, Hyun Song

en_US

dc.date.accessioned

2010-05-12

en_US

dc.date.accessioned

2012-08-17T14:33:51Z

-

dc.date.available

2012-08-17T14:33:51Z

-

dc.date.issued

2010

en_US

dc.identifier.uri

http://hdl.handle.net/10419/60810

-

dc.description.abstract

The financial crisis of 2007-09 highlighted the changing role of financial institutions and the growing importance of the shadow banking system, which grew out of the securitization of assets and the integration of banking with capital market developments. This trend was most pronounced in the United States, but it also had a profound influence on the global financial system as a whole. In a market-based financial system, banking and capital market developments are inseparable, and funding conditions are tied closely to fluctuations in the leverage of market-based financial intermediaries. Balance-sheet growth of market-based financial intermediaries provides a window on liquidity by indicating the availability of credit, while contractions of balance sheets have tended to precede the onset of financial crises. We describe the changing nature of financial intermediation in the market-based financial system, chart the course of the recent financial crisis, and outline the policy responses that have been implemented by the Federal Reserve and other central banks.

en_US

dc.language.iso

eng

en_US

dc.publisher

|aFederal Reserve Bank of New York |cNew York, NY

en_US

dc.relation.ispartofseries

|aStaff Report, Federal Reserve Bank of New York |x439

en_US

dc.subject.jel

E02

en_US

dc.subject.jel

E58

en_US

dc.subject.jel

G10

en_US

dc.subject.jel

G18

en_US

dc.subject.ddc

330

en_US

dc.subject.keyword

Financial crisis

en_US

dc.subject.keyword

financial intermediation

en_US

dc.subject.keyword

intermediation chains

en_US

dc.subject.keyword

procyclicality

en_US

dc.subject.keyword

liquidity facilities

en_US

dc.subject.keyword

monetary polic

en_US

dc.subject.stw

Finanzmarktkrise

en_US

dc.subject.stw

Finanzintermediär

en_US

dc.subject.stw

Kreditmarkt

en_US

dc.subject.stw

Bankbilanz

en_US

dc.subject.stw

Bilanzstrukturmanagement

en_US

dc.subject.stw

Geldpolitik

en_US

dc.subject.stw

USA

en_US

dc.title

The changing nature of financial intermediation and the financial crisis of 2007-09